United Bankshares celebrates successful 2023 at annual shareholders meeting | News, Sports, Jobs

United Bankshares Inc. held its Annual Meeting of Shareholders at Congressional Country Club in Bethesda, where Executive Chairman of the Board Richard M. Adams highlighted the company’s strong financial performance in 2023. Despite challenges in the banking industry, United saw growth in loans and deposits, increased net interest margin, and delivered above-peer results in return on average assets and efficiency ratio.

In a remarkable achievement, United increased dividends to shareholders for the 50th consecutive year, a feat achieved by fewer than 60 publicly traded companies in the U.S. Newsweek also named United the Most Trustworthy Bank in the nation in 2023, recognizing the company’s commitment to excellence in service.

Looking ahead to 2024, United’s financial performance remains strong, with a solid first quarter and a positive outlook from Raymond James’ Research Report. The company is projected to increase dividends for the 51st consecutive year and recently announced the acquisition of Piedmont Bancorp, positioning United as the 39th largest banking company in the nation based on market capitalization.

Adams emphasized United’s commitment to its communities, highlighting the contributions of team members and the company to various community organizations. Shareholders also elected directors to serve on the Board until the 2025 Annual Meeting, further solidifying United’s leadership and governance.

United Bankshares Inc., the parent company of United Bank, operates more than 225 offices across multiple states, including West Virginia, Ohio, Virginia, and Georgia. With a focus on financial strength, community engagement, and shareholder value, United continues to thrive in the competitive banking industry.